TD Launches GoalAssist App to Facilitate Goals-Based Investing

Need to Know

• TD GoalAssist, an entirely new app from TD, helps users set financial goals and make goals-based investments.
• Users can either build their own portfolio using individual TD ETFs or major North American exchange-listed stocks, or select a TD One-Click ETF Portfolio that aligns with their profile and risk level.
• GoalAssist will offer no minimums or monthly fees, free self-directed goals-based investment planning, and access to a team of investment specialists.
• The app has been in development since 2019.

Need to Know

TD Bank Group has launched a brand new app, TD GoalAssist, exclusively dedicated to helping Canadians set financial goals and make investments.

The app allows users to build a goals-based investment plan, and to choose investments that will help them accomplish those goals. Investment portfolios can either be built by the user, by selecting individual TD EFTs and/or stocks that are listed on major North American stock exchanges or select a pre-built TD One-Click ETF Portfolio, which most aligns with financial goals and other preferences that are set by the user. The idea is to enable smart, seamless investment and goal-setting that can be self-selected and self-directed, thus eliminating the intimidation factor of investing.

“We believe you shouldn’t need a lot of money or expertise to start building your investing journey, which is why we created TD GoalAssist,” said Paul Clark, president of TD Direct Investing and EVP of TD Bank Group. “This new mobile-only investing service is straightforward, uses plain language and is grounded in what our clients have told us they’re looking for—goal planning, education and low cost.”

TD GoalAssist offers no minimums or monthly fees, and unlimited commission-free trades on TD ETFs (stocks on major North American exchanges can be traded for $9.99 per trade). Users of the mobile app can monitor and adjust their goals on the go, and access a team of support specialists through GoalAssist.

The app also features educational videos that provide introductory information about investing, and the ability to open three accounts (cash, RSP, and TSFA) in CAD. GoalAssist has been in development since 2019 when a TD survey revealed that only one in 10 people felt comfortable with self-directed investing, but is only just being launched now.

Digital innovation and advancement has been a priority for TD throughout 2020, as the COVID-19 pandemic made many individuals rethink how they bank and invest—and raised unprecedented economic concerns and financial insecurities for many, as well.

During the pandemic, TD developed and launched more than 100 new capabilities to inform and educate customers; TD shifted its capacities to focus on digital in February when it recognized the fast-approaching challenges that would be posed by COVID-19. Among the pandemic-specific tools launched by TD have included the capability to handle government responses and programs, such as Canada’s Emergency Response Benefit (CERB), and SimpleApps, a platform that made it easy for users to apply for relief services. TD’s digital engagement saw a spike of 30% between the start of the pandemic and June of this year.